The headwinds are set to pressure Suncorp's premium growth in H1 2027, with the insurer expecting a stronger second-half performance to offset part of the impact.
Taiwan, South Korea and Malaysia followed with declines of 15%, 13% and 10%, while Japan and Vietnam were the only markets to record increases, according to Marsh.
Falling primary and reinsurance rates in 2026 are adding pressure after APAC non-life premium growth slowed to 5.1% in 2025, pushing more insurers to seek growth overseas, Gallagher Re said.
Marsh data shows that property and financial lines rate declines eased, but casualty and cyber pricing continued to soften as capacity remained abundant.
Falling premiums reflect surplus capital rather than lower exposure, PARIMA speakers said, as geopolitical, AI, climate and labour risks combine and compound.
